FREDERICKSBURG, VA – Preferred Apartment Communities announced the completion of the acquisition of The Kingson, a 240-unit Class A apartment building in Fredericksburg, Virginia.
Jeff Sherman, President of Multifamily for the company, said, "The Kingson offers upscale living in Fredericksburg, a historic and growing suburb of Washington, DC." Mr. Sherman continued, "The Kingson has been let quickly and will continue to be in its immediate location in the Proximity to high quality food and retail companies such as Publix, Target and Starbucks benefit. It's also minutes from a 133-bed regional hospital and just a short walk to the Virginia Railway Express Station, which serves downtown Washington. "
John A. Isakson, Company Chief Financial Officer, said, “Our home loan investment program continues to produce rising returns and a productive pipeline of great assets for our portfolio. This acquisition also reinforces our stated strategy of simplifying our platform by converting capital from non-core investments into our core multi-family business. "
Source: Preferred shared apartments